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SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. The company designs, procures, manages, constructs, commissions, installs, and operates floating production storage and offloading (FPSO) vessels, TLP and semi-submersibles, turret mooring systems, floating liquefied natural gas solutions, and renewables. It also provides after sales services; swivels and mechanical parts; and emergency interventions and rapid response solutions. The company operates a fleet of 11 FPSO vessels, 2 floating storage and offloading systems, 1 semi-submersible system, and 1 MOPU system. The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005. SBM Offshore N.V. was founded in 1862 and is headquartered in Schiedam, the Netherlands.

SBM Offshore Reports Consolidated Earnings Results for the Year Ended December 31, 2014 ; Provides Earnings Guidance for the Year 2015 and Free Cash Flow Guidance for 2016

Feb 4 15

SBM Offshore reported consolidated earnings results for the year ended December 31, 2014. The company reported directional consolidated net income for 2014 came in at USD 84 million versus a net loss of USD 58 million in 2013. This result includes divestment profits and other non-recurring items which generated a net loss of USD 265 million in 2014 compared to USD 433 million in 2013. Excluding divestment profits, and other non-recurring items, 2014 underlying consolidated Directional1 net income attributable to shareholders stood at USD 349 million, a slight decrease from USD 375 million in the year-ago period. Reported consolidated 2014 IFRS net income was USD 652 million versus USD 175 million in 2013. IFRS net income attributable to shareholders amounts to USD 575 million compared to USD 114 million in 2013. Directional1 earnings per share (EPS) in 2014 amounted to USD 0.40 compared to a loss of USD 0.28 per share in 2013. Adjusted for divestment profits and other non-recurring items, underlying Directional1 EPS decreased 9% year-on-year to USD 1.67 from USD 1.84 in 2013. IFRS net debt at the year-end totalled USD 4,775 million versus USD 3,400 million in 2013. Directional revenue increased by 5% to USD 3,545 million compared to USD 3,373 million in the year-ago period. IFRS revenue increased 20% to USD 5,482 million versus USD 4,584 million in 2013. This was mainly attributable higher Turnkey segment revenues. Directional1 EBITDA amounted to USD 486 million, representing a 7% decrease compared to USD 520 million in 2013. IFRS EBITDA amounted to USD 925 million, representing a 56% increase compared to USD 592 million in 2013. Directional1 EBIT increased to USD 201 million after divestment profits and non-recurring items of USD 236 million. This compares to USD 63 million in 2013 which included USD 437 million of non-recurring items including charges related to the Yme and Deep Panuke projects. IFRS EBIT increased to USD 726 million after impairment charges, divestment profits and non-recurring items of USD 227 million. This compares to 2013 EBIT of USD 188 million, which included USD 436 million of non-recurring items including charges related to the Yme and Deep Panuke projects. Capital expenditure of USD 65 million compared to USD 186 million in 2013. The cash from operations came to USD 922 million, close to USD 1 billion.
The company is providing 2015 Directional revenue guidance of at least USD 2.2 billion, of which USD 1.0 billion is expected in the Turnkey segment and USD 1.2 billion in the Lease and Operate segment. Proportional net debt guidance is being introduced for fiscal year 2015. The company expects to end the year with proportional net debt below USD 3.5 billion. EBITDA will come down in 2015.
For 2016, the company expects free cash flow to be positive.

SBM Offshore N.V. Proposes Dividend Policy Change

Feb 4 15

The Management Board of SBM Offshore N.V. reiterates that the company will not pay a dividend over 2014, in view of the losses incurred in recent years and the desire to continue strengthening the balance sheet. The Management Board intends to present, at the Annual General Meeting in April 2015, a change of dividend policy from the existing policy of paying out 50% of IFRS net income. Under the new dividend policy, the proposed payout ratio would be between 25% and 35% of Directional net income subject to the availability of sufficient free cash flow in the year of payment.

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